Household Loans Increase in Q1, Driven by Housing and Jeonse Loans for 30s and 40s In the first quarter of this year, household loans for individual borrowers increased, primarily driven by mortgage and jeonse loans. According to preliminary statistics on household debt by the Bank of Korea released on May 22, the average new household loan amount per borrower was 35.42 million won, an increase of 990,000 won from the previous quarter. This marks a reversal from a decrease of 4.09 million won in the prior quarter. The increase was particularly notable among borrowers in their 30s and 40s. New loan amounts for those in their 30s and 40s rose by 6.35 million won and 3.12 million won, respectively, while borrowers aged 60 and above saw a decrease of 1.8 million won, those in their 50s decreased by 1.14 million won, and those in their 20s decreased by 1.01 million won. As the government tightens lending regulations for banks, non-bank loans increased by 3.17 million won, while bank loans decreased by 2.34 million won. In terms of loan products, housing-related loans showed an upward trend. The new mortgage loan amount was 229.39 million won, an increase of 16.35 million won from the previous quarter. During the same period, jeonse loans and credit loans also rose by 10.48 million won and 1.2 million won, respectively. For mortgages, borrowers in their 30s took out new loans averaging 34.57 million won, while those in their 40s borrowed an average of 12.03 million won, indicating a concentration of growth among these age groups. Regionally, increases were observed in the Seoul metropolitan area (32.48 million won), Chungcheong region (10.19 million won), and Honam region (7.95 million won). In Seoul, the new loan amount reached 48.18 million won, an increase of 2.46 million won, marking the largest rise since the third quarter of last year. The southeastern region saw an increase of 760,000 won to 33.41 million won. However, the Gangwon and Jeju region (-5.19 million won), Daegu and Gyeongbuk region (-1.23 million won), Honam region (-590,000 won), and Chungcheong region (-260,000 won) experienced declines. By the end of the first quarter, the average household loan balance per borrower was 97.4 million won, a slight increase of 10,000 won from the previous quarter. Borrowers in their 30s saw an increase of 1.83 million won, while those in their 40s increased by 700,000 won. The overall household loan balance also rose, primarily driven by increases in mortgage loans (+1.79 million won) and jeonse loans (+990,000 won). Min Suk-hong, head of the Household Debt Microstatistics Team at the Bank of Korea, stated, "The increase in household loan amounts per borrower has turned around, mainly due to restrictions on mortgage limits in regulated areas and a decrease in jeonse listings, which have affected housing transactions. This has led to an increase in both mortgage and jeonse loans." He added, "The rise in new loan amounts from non-banks is primarily centered around mortgages, but the impact of previous transactions before the suspension of group loans and recruitment loans from mutual finance institutions should also be considered." Min also noted, "Given the strengthened management of household debt, future increases are expected to be limited, and the ongoing expansion of regulations suggests a low correlation with the expansion of non-bank loans."* This article has been translated by AI. 2026-05-23 16:39:28

Democratic Party Forms Task Force to Investigate Allegations of Missing Rebar in GTX-A Project The Democratic Party has established a task force to thoroughly investigate recent allegations regarding missing rebar in the GTX-A line, holding its first meeting on May 22. The party has indicated that there are signs suggesting Oh Se-hoon, the candidate from the People Power Party, attempted to cover up the issue. Led by Cheon Jun-ho, the task force includes members such as Han Jeong-ae, Lee Joo-hee, Choi Gi-sang, Jeon Yong-gi, Lee Hae-sik, and Park Min-kyu. During a press conference at the National Assembly, they claimed that the Seoul city government was aware of the missing rebar but made organized efforts to conceal it. One lawmaker stated, "The recent inquiries by the Land, Infrastructure and Transport Committee have clearly revealed the responsibility of the Seoul city government, yet candidate Oh continues to remain evasive. This highlights the extreme irresponsibility of Oh and the People Power Party, who are indifferent to public safety. The Democratic Party will thoroughly investigate this matter to the end." Cheon also remarked, "An unbelievable incident has occurred in the heart of Gangnam, Seoul. Allegations are growing that the city government concealed information from the construction company for six months after receiving reports. We need to verify the circumstances surrounding this prolonged concealment and the continuation of construction without validated reinforcement measures." He emphasized that both Oh and the Seoul city government must provide clear explanations regarding the delays in reporting, the timing of Oh's awareness of the missing rebar, and the controversy over the delayed reports to the Ministry of Land, Infrastructure and Transport aimed at protecting Oh. Additionally, the Democratic Party outlined plans for regular task force meetings and inquiries in the National Assembly's standing committees moving forward. Cheon concluded, "We must clarify the facts and fully disclose the materials to discuss how to resolve this situation with experts. Additional meetings are planned around the upcoming full meeting of the Administrative Safety Committee on May 26. The task force is also continuing to request materials from the Seoul city government and related agencies."* This article has been translated by AI. 2026-05-23 16:36:55

Korea Gas Corporation Signs Long-Term LNG Import Deal with BP Korea Gas Corporation (KOGAS) has signed a long-term agreement with global energy company BP to import an additional 700,000 tons of liquefied natural gas (LNG) annually for ten years starting in 2028. KOGAS announced on May 22 that the contract was finalized on May 21. This follows a previous agreement made in August of last year to import 3.3 million tons of U.S. LNG annually. The new contract is expected to enhance the stability of South Korea's natural gas supply. The agreement aims to diversify supply sources amid increasing instability in the energy market due to conflicts in the Middle East. It is anticipated to bolster supply chain resilience and energy import stability. BP's ability to source LNG from various regions, including the U.S., Australia, Indonesia, Angola, and Oman, will further contribute to supply diversification. This flexibility is expected to be beneficial in maintaining a stable supply. Additionally, as energy prices continue to rise, securing competitively priced LNG in advance may help stabilize domestic natural gas prices. Choi Yeon-hye, President of KOGAS, stated, "In light of the growing importance of energy security, this achievement is the result of our ongoing efforts to enhance the stability of domestic natural gas supply and improve price competitiveness."* This article has been translated by AI. 2026-05-23 16:34:14

Samsung TV Plus Expands FAST Territory with Free NCT Wish Concert Samsung Electronics' ad-supported free streaming service, Samsung TV Plus, is collaborating with SM Entertainment to launch a "Monthly SM Concert" series. According to Samsung Electronics on May 22, Samsung TV Plus will unveil new live performances by SM Entertainment artists each month. Last year, it attracted global K-pop fans with an exclusive live broadcast of "SMTOWN LIVE 2025 in L.A." The Monthly SM Concert will be exclusively available on Samsung TV's dedicated channel, STN, and the SMTOWN channel every Saturday at 7 PM. Viewers in five countries, including South Korea, Australia, New Zealand, Brazil, and Mexico, will have access to the performances. Any Samsung TV Plus user can enjoy the concert content for free. The inaugural performance will feature the idol group NCT Wish. Their first concert tour encore, "NCT WISH 1st CONCERT TOUR 'INTO THE WISH: Our WISH' ENCORE IN SEOUL," will be premiered on the 30th. FAST, or Free Ad-Supported Streaming Television, allows users to access live channels and video-on-demand (VOD) content for free, provided they watch ads. Unlike traditional IPTV and cable TV, which require a set-top box and monthly fees, FAST can be accessed immediately with just an internet connection and a smart TV. Samsung TV Plus also supports the "Eclipse Audio" feature, developed in collaboration with Google, enhancing audio immersion. This next-generation technology, based on the open 3D audio standard IAMF, delivers optimized multi-channel sound for an engaging audio experience. The Samsung SmartThings app on smartphones and Samsung TVs allows users to set viewing routines and automatically turn on the TV. By connecting smart devices in the home, users can adjust lighting and audio settings to create an immersive concert atmosphere. Choi Jun-hun, head of Samsung Electronics' TV Plus division, stated, "The Monthly SM Concert series lays the foundation for global fans to continuously enjoy K-pop performances. We will expand differentiated entertainment content based on Samsung TV Plus's unique technology and connectivity experience."* This article has been translated by AI. 2026-05-23 16:31:58

Korean Privacy Commission to Implement Risk-Based Inspections in Second Half of 2026 The Personal Information Protection Commission (PIPC) will begin implementing a risk-based inspection system in the second half of 2026, focusing on the risk levels associated with personal data breaches. This initiative aims to transition from a reactive enforcement approach to a preventive management system, responding to the increasing complexity of data processing due to the rise of artificial intelligence (AI) and cloud services. On May 22, the PIPC announced its "Preventive Personal Information Management System Transition Plan" during a meeting of economic ministers, following a report to the Cabinet on May 12. Chairperson Song Kyung-hee has emphasized the limitations of solely relying on post-incident penalties since taking office, advocating for the establishment of a proactive personal data protection framework. The PIPC will categorize data processing entities into high, medium, and low-risk groups based on the scale and sensitivity of the data they handle, as well as industry characteristics. Sectors dealing with large volumes of personal or sensitive information, such as platforms, financial institutions, public agencies, edtech, and nursing homes, will be classified as high-risk and subject to regular and ad-hoc inspections. For high-risk groups, the PIPC plans to disclose inspection criteria in advance and focus on evaluating internal controls and safety measures. Conversely, lower-risk sectors will be managed through encouraging compliance with personal data impact assessments and the principle of Privacy by Design (PbD). The government will also develop a "basic risk map" to analyze the current state of personal data processing and associated risks. This map will guide the selection of inspection targets, and a cross-government policy consultation body will be established in collaboration with key ministries. A joint public-private early warning system for personal data threats will also be activated. In September, coinciding with the implementation of the Chief Privacy Officer (CPO) designation reporting system, the PIPC will establish a hotline between the CPO council and industry associations. This will facilitate the rapid sharing of information on the latest hacking and data breach threats, enabling proactive responses to similar incidents. Management oversight will also expand to new technology sectors. The PIPC plans to conduct preemptive checks on potential privacy concerns related to Internet of Things (IoT) devices and AI agents, aiming to reduce gaps in personal data protection. The institutionalization of the Privacy by Design (PbD) framework will be pursued, ensuring that privacy features are integrated from the planning, design, and development stages of services, along with the dissemination of related guidelines and best practices. The existing ISMS-P certification standards will also incorporate PbD principles. The PIPC will encourage companies to increase their voluntary investment in data protection. Through information security disclosures, the PIPC will expand the public reporting of additional protective measures and internal control operations, offering incentives such as reduced penalties for companies demonstrating effective protective actions. Additionally, management will be strengthened across the supply chain, including Software as a Service (SaaS), cloud services, and specialized contractors. Research and development of privacy-enhancing technologies (PET) to prevent data breaches and misuse, as well as the training of specialized personnel, will also be promoted.* This article has been translated by AI. 2026-05-23 16:30:00

POSCO International to Build Rare Earth Processing Facility in the U.S. POSCO International is making a significant entry into the rare earth separation and permanent magnet production business in the United States. On May 21, POSCO International signed an agreement in Washington, D.C., with U.S. rare earth separation company ReElement to establish a joint venture for rare earth separation production in the U.S. This agreement marks the official launch of the "Boilermaker Project," which has been in development since September of last year. POSCO International previously signed a memorandum of understanding (MOU) to integrate rare earth and permanent magnet production facilities in the U.S. as part of efforts to diversify the global rare earth supply chain, which is heavily reliant on specific countries, through U.S.-South Korea industrial cooperation. The two companies plan to jointly invest a total of $200 million (approximately 270 billion won) to establish a rare earth separation plant in the U.S. with an annual capacity of 6,000 tons. They also aim to create an integrated facility for consistent production of permanent magnets. As the majority stakeholder, POSCO International will lead the management of the joint venture, while ReElement will provide core separation technology. The initial investment of $100 million will be allocated for the construction of the factory and equipment, with the remaining $100 million reserved for expansion based on market demand. The joint venture plans to produce neodymium (Nd) and other heavy rare earth oxides, essential materials for advanced industries such as electric vehicle motors and AI data centers. The first phase will establish a production capacity of 3,000 tons annually, followed by a second phase to increase capacity to 6,000 tons. Pilot production is expected to begin in the fourth quarter of 2027, with full-scale production targeted for 2028. Lee Gye-in, President of POSCO International, stated, "This joint venture is not just about establishing a refining plant; it marks the beginning of building a value chain for critical minerals in the U.S., from raw materials to final products. The combination of our global supply chain capabilities and innovative separation technology will create significant synergies."* This article has been translated by AI. 2026-05-23 16:27:24

Woori Bank Opens Premium Wealth Management Branch in Jamsil Woori Bank is intensifying its competition to attract wealthy clients by launching a specialized wealth management branch. On May 22, the bank announced the opening of 'Two Chairs W Jamsil,' a premium wealth management service, at Lotte World Tower in Songpa-gu, Seoul.The opening ceremony was attended by CEO Jeong Jin-wan, key members of the Wealth Management (WM) group, and important clients, who participated in various commemorative events.Two Chairs is Woori Bank's dedicated private banking (PB) brand for high-net-worth individuals. It offers a range of customized products through a team of experts in finance, tax, real estate, and securities. With the new Jamsil branch, the bank now operates a total of 10 such locations.Jamsil is known for its large, high-end residential complexes, including Signiel, Els, Licent, and Tridium, making it a consistent draw for affluent individuals.Reflecting the area's characteristics, Woori Bank has created a client-focused private space and premium consultation environment at Two Chairs W Jamsil. The branch will provide tailored comprehensive solutions in various fields, including investment products, portfolio management, tax, real estate, trusts, and succession planning.Jeong Soo-hyun, head of Woori Bank's WM Sales Strategy Division, stated, "The asset management market is rapidly evolving beyond simple product sales to encompass the overall design of clients' lives. We will continue to expand differentiated WM services to establish Two Chairs W Jamsil as a premium financial platform that supports clients' asset growth and future planning."* This article has been translated by AI. 2026-05-23 16:24:52

Jung Cheong-rae Promises Support for Chungbuk's Growth Ahead of Local Elections Jung Cheong-rae, the head of the Democratic Party, pledged on May 22 to maximize growth potential in Chungbuk by supporting the establishment of a private runway at Cheongju International Airport, the construction of the Gangho Axis railway network, and the implementation of basic income for rural areas ahead of the June 3 local elections. He also announced the formation of a task force (TF) led by lawmaker Im Ho-seon to ensure the swift realization of these commitments. During a central election campaign committee meeting held in Cheongju, Jung stated, "The Democratic Party will spare no effort in supporting Chungbuk. I am here with the determination to fulfill any request from Chungbuk." He emphasized the immediate pursuit of the Gangho Axis railway network and the private runway at Cheongju International Airport, which were requested by lawmakers representing Chungbuk. "The Gangho Axis is crucial for balanced national development. The runway request has been made multiple times by Chungbuk lawmakers visiting my office," he explained. Jung further noted, "Chungbuk lawmakers have worked hard to secure basic income for rural areas. The party leadership has recognized that this is not just a local issue but a party-wide concern, and we have worked to address it as Chungbuk desired." To ensure the prompt implementation of these pledges, Jung announced the establishment of a task force centered around Chungbuk lawmakers, which will provide institutional and financial support. He added, "To fully support the pledges made by the Democratic Party's candidates for Chungbuk governor and Cheongju mayor, we will have Chungbuk lawmakers form a TF to organize laws, regulations, and budgets. Im will lead the pledge implementation team, and the other lawmakers will participate as members."* This article has been translated by AI. 2026-05-23 16:22:15

Jung Won-oh Leads Oh Se-hoon by a Narrow Margin in Seoul Mayoral Race As the official campaign for the June 3 local elections kicks off, Jung Won-oh of the Democratic Party and Oh Se-hoon of the People Power Party are locked in a tight race within the margin of error. A poll conducted by Ace Research, commissioned by Newsis, surveyed 1,002 adults aged 18 and older living in Seoul from May 19 to 20. The results showed Jung with a support rate of 41.7% and Oh with 41.6%. Other candidates included Kwon Young-guk of the Justice Party at 2.1%, Kim Jeong-cheol of the Reform Party at 2.0%, Yu Ji-hye of the Women’s Party at 1.9%, and Lee Kang-san of the Liberty Unification Party at 1.6%. Those who indicated they had no preferred candidate accounted for 5.8%, while 3.4% were unsure, leading to a total of 9.2% undecided voters. Among those who expressed a strong intention to vote, Jung led with 49.8%, compared to Oh's 42.4%. Following them were Kwon at 1.9%, Yu at 1.6%, Kim at 1.3%, and Lee at 0.6%. When asked which candidate they believed had the highest chance of winning, Jung received 46.2% support, significantly ahead of Oh's 41.4%. Regionally, Jung garnered 44.6% support in the northern districts of Gangbuk, which include Dobong, Gangbuk, Nowon, Seongbuk, Dongdaemun, Jungnang, Seongdong, and Gwangjin. Oh, on the other hand, achieved 51.8% support in the southern districts of Gangnam, which encompass Seocho, Gangnam, Songpa, and Gangdong. The survey utilized a wireless virtual number method provided by the three major telecommunications companies, with a response rate of 5.5%. The margin of error is ±3.1 percentage points at a 95% confidence level. For more details, please refer to the website of the National Election Survey Deliberation Commission.* This article has been translated by AI. 2026-05-23 16:19:37

Park Hong-geun: Criteria for High Oil Price Relief Payments to Favor Citizens Park Hong-geun, the Minister of the Ministry of Economy and Finance, announced that if citizens who were notified they do not qualify for the high oil price relief payments file an appeal, the criteria will be adjusted favorably based on recent income and asset changes. On May 22, Park visited the Sinwol 1-dong community center in Yangcheon-gu, Seoul, to assess the second round of high oil price relief payments. During the visit, he stated, "Even if someone is informed they are not eligible for the payments, if there have been recent changes in income or assets, we will quickly adjust health insurance premiums and apply the criteria in a way that benefits the citizens." This visit was organized to review the status of the second round of applications and payments, which began on May 18. Park checked the application and reception counters, the operation of the system, and the availability of prepaid cards, urging local officials to ensure prompt and smooth execution of the program. Park emphasized, "In a challenging economic environment due to high oil and inflation, it is the government's fundamental role to alleviate the burden on citizens through proactive fiscal management. I understand the significant burden on local officials who are managing both the upcoming local elections and the relief payment tasks." He added, "To boost the morale of staff handling the high oil price relief payments, we have implemented an exception for overtime pay limits. We also plan to discuss additional support measures, such as special grants and rewards for outstanding local governments, with relevant ministries." After visiting the community center, Park went to the nearby Sinyeong Market to meet with merchants and hear about the difficulties faced by local businesses due to high oil prices and inflation. He expressed hope that the high oil price relief payments would help reduce the actual burden on self-employed individuals and invigorate local economies. He also stated, "Despite the tough economic situation, we will ensure that the budget for alleviating the burdens of small business owners and low-income citizens is reflected in next year's budget proposal."* This article has been translated by AI. 2026-05-23 16:18:00